Fix an FX rate today for use tomorrow
If you like an exchange rate today but aren’t ready to make your transfer yet, a forward contract is a great way to secure a rate today for use at a later date.
In fact, you can secure a rate for a period of up to three years from now.
Forward contracts explained
A forward contract will allow you to fix a rate for up to 3 years. We will offer you a rate now which is a guaranteed rate at which you can transfer time and again for the duration of the contract.
How does it work? You set a value of the contract based on how much you expect to transfer over the period and can transfer up to that total value at any point, or points, during the contract. So, for example, you may book a contract to buy £100,000 of USD over two years at an offered rate of 1.20. In this case you could can buy up to £100,000 worth of USD at a rate of 1.20 at any point during that two year term.
Forward contracts can be great for budgeting as you know exactly what rate you’ll get when you need to make a transfer.
It’s worth noting that we may ask you to pay an initial deposit, then the balance will be due at the end of the contract. Also worth noting that if the rates move against you, you may need to top up the deposit to keep the position in place. Your relationship manager will explain and discuss this with you before you book your forward.
Fees and charges
Moving money doesn’t have to eat into your profits. We’ll agree a fee structure from £0 to £15 and cover any other charges where we can.
That’s it. Simple and transparent money transfers for your business.
They’re going places! Client stories
Our clients are trailblazers. With WorldFirst their corporate money transfers are covered. So they can concentrate on going global.
Rob - World of Clogs
Rob spotted a niche, and went for it! We help him send home his proceeds from overseas marketplace sales – he loves our rates too!
Michael - J&C Voyageurs
Michael runs a specialist safari company, organising bespoke holidays all over Africa. He uses WorldFirst to pay his suppliers and protect his bottom line.
Alex - Moreplay
Alex started selling online when he was 13, and his business continues to grow. He found WorldFirst to repatriate his funds, and never looked back!